In January 2024, the automotive industry showcased robust performance across various segments. The total production of Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycle reached an impressive 23,28,329 units during the month.
The domestic sales figures for January 2024 are as follows:
Passenger Vehicles recorded sales of 3,93,074 units.
Three-wheeler sales stood at 53,537 units.
Two-wheeler sales witnessed substantial growth, reaching 14,95,183 units.
It's noteworthy that specific data for BMW, Mercedes, JLR, Tata Motors, and Volvo Auto are not available in this report.
Mr. Vinod Aggarwal, President of SIAM, commented on the sales data, emphasizing the resilience in Passenger Vehicle sales driven by positive consumer sentiments. Additionally, the Two-Wheeler segment experienced notable growth, particularly in rural markets, contributing to the overall recovery. The Three-Wheeler segment also demonstrated improved performance.
While the Commercial Vehicle sector did not exhibit growth in January 2024, Mr. Aggarwal expressed optimism, anticipating positive developments in the next two months of the financial year. He highlighted the government's strategic focus on mobility in Budget 2024, especially strengthening the electric vehicle ecosystem, including charging infrastructure and public transport, which is expected to contribute to the sector's sustained growth momentum.
Mr. Rajesh Menon, Director General of SIAM, provided further insights into the January 2024 performance. Passenger Vehicles achieved their highest-ever sales in the month, marking a significant 14% growth compared to the previous year. Three-Wheeler sales experienced a commendable 9% growth, and Two-Wheeler sales exhibited substantial growth of 26% in January 2024 compared to January 2023. Both Passenger Vehicles and Three-Wheelers continued to set records with their highest-ever sales during the financial year 2024, covering the period from April to January.
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The industry's positive trajectory in January 2024 is attributed to resilient consumer sentiments, growth in rural markets, and strategic government initiatives, reinforcing the optimism for sustained growth in the automotive sector.